Bellevue, WA - Self-Storage
Sunrise Mortgage arranged a $13 million bridge loan for a recently constructed self-storage facility in Bellevue, WA. The loan provided funds to retire existing debt, previously placed by Sunrise, as well as significant cash out to the borrower. The five-year, fixed rate, non-recourse loan is structured with an initial 24-month interest only period, followed by a 30-year amortization. Flexible prepayment terms offer the borrower options as the property stablizes.